The cryptocurrency market is concluding the week on a robust note, bolstered by the US Federal Reserve’s recent 25 basis point rate cut. Bitcoin is currently trading strongly at approximately $116,900 (around Rs. 1.03 crore), while Ethereum (ETH) is valued at $4,500 (approximately Rs. 3.99 lakh). Other prominent digital tokens such as XRP, BNB, Solana, and Dogecoin are also demonstrating impressive resilience. This period marks one of Bitcoin’s most significant mid-month rallies in recent memory, showing an impressive eight percent gain. According to market trackers, Bitcoin is valued at roughly Rs. 1.02 crore, and Ethereum at approximately Rs. 3.98 lakh.
Altcoins Show Sustained Strength as Market Awaits Powell’s Insights
Among the altcoins, XRP trades at $3.03 (roughly Rs. 267), Binance Coin (BNB) at $997.02 (approximately Rs. 87,900), Solana (SOL) at $244.20 (around Rs. 21,500), and Dogecoin (DOGE) is stabilizing at $0.2757 (about Rs. 24). Market participants are now eagerly anticipating comments from Federal Reserve Chair Jerome Powell, hoping for clearer indications on future interest rate trajectories and their potential impact on risk appetite within the crypto space.
The CoinSwitch Markets Desk observed that after a vigorous start to September, crypto markets are exhibiting signs of stabilization. They noted, “If Bitcoin successfully breaks through its current resistance levels with strong trading volume, further price increases are highly probable. Conversely, a failure to do so could trigger a retreat towards established support levels.” Regarding market flows, Bitcoin spot ETFs have recently experienced substantial inflows, totaling approximately $2.3 billion (roughly Rs. 20,269 crore) over the past week. In contrast, Ethereum (ETH) ETFs have witnessed some outflows, ranging from $60–70 million (approximately Rs. 528 crore–Rs. 617 crore).
Avinash Shekhar, Co-founder & CEO of Pi42, shared an optimistic outlook, stating, “The market is now indicating a strong likelihood of achieving new all-time highs within the coming weeks. Altcoins are also seizing the spotlight, with Solana nearing $250 (roughly Rs. 22,040) and Chainlink significantly outperforming its peers due to robust momentum. Dogecoin, in particular, warrants attention. Overall, market sentiment remains positive, with a notable rotation of capital into altcoins further solidifying the prevailing bullish trend.”
Edul Patel, CEO of Mudrex, provided insights into short-term market dynamics, remarking, “Despite the recent rate cut, the US Dollar continues to face pressure. This situation is expected to drive increased inflows into safe-haven assets such as Bitcoin, thereby contributing to its price action. Meanwhile, Ethereum is also gathering momentum, significantly supported by a massive whale accumulation of $3.8 billion (roughly Rs. 3,35,830 crore) worth of ETH in just 72 hours.”
Traders will maintain a close watch on Powell’s upcoming remarks and broader macroeconomic indicators for further clues regarding the sustainability of this current rally. A decisive break above the $118,500 (roughly Rs. 1.04 crore) mark could pave the way for new peak prices, while a solid support level near $115,000 (around Rs. 1.01 crore) is expected to mitigate potential downside risks.